InBC leads $13.5-million financing round for ThoughtExchange

The startup claims its revenues have grown fivefold in the last five years.

Rossland, BC-based engagement software startup ThoughtExchange has secured a $13.5-million equity financing round led by InBC Investment Corp.

The round included participation from First Generation Capital and returning investors Information Venture Partners, Yaletown Partners, Voyager Capital, and HarbourVest. ThoughtExchange did not classify the round under a specific stage, though ThoughtExchange’s last publicly announced raise was a $34-million Series B round raised in separate transactions over 2019 and 2020.

InBC contributed $7.5 million to ThoughtExchange’s latest equity round.

ThoughtExchange offers software designed to allow leaders, educators, and employers to ask open-ended questions to groups ranging from 10 to 100,000 people. The software then uses data analysis and artificial intelligence to provide insights to leaders, with the goal of helping them create organizational change.

The platform’s use cases include revenue leaders understanding sales team needs for meeting targets and development leaders learning about key issues in organizational change. ThoughtExchange’s customers span school districts, which it said represents nearly 40 million students across North America, as well as large corporate organizations.

ThoughtExchange claimed in a recent statement that its revenue has increased by 585 percent over the last five years and its customer base has more than tripled over the same period. 

InBC, a $500-million strategic investment fund that was created by the Government of BC in 2021, contributed $7.5 million to ThoughtExchange’s latest equity round. It comes several weeks after the fund announced investments into startups 4AG Robotics and Clarius Mobile Health, in addition to venture capital funds Pender Ventures and Amplitude Ventures. That group of investments brought InBC’s commitments to date to $54 million.

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In a statement, Leah Nguyen, chief investment officer of InBC, said the investment is aimed to “support a local company that is bringing voices together and helping some of the world’s leading organizations solve complex issues.”

“InBC has an exciting and important mandate and we’re very happy to have them as investors in ThoughtExchange,” ThoughtExchange CEO Dave MacLeod said in a statement. “It’s great to have strategic investors who understand inclusion and business success are not in opposition and are instead directly correlated.”

Feature image courtesy ThoughtExchange.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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